The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-05-10
DEBT omission.
THEY FlH TO CONF TO ANYAGRfE-
NENT

Final propo.itIons of the Rondhoiders
and the Joint Committee Facts and
Figures i'm Relation to Both.
The Debt Commission had its final con
sultation Yesterday morning, and as VIII
/ be seen below failed to reach settlement.
/ The legislative committee held meeting
+ last night for the purpose OF considering
/ their report to be submitted to the TWO
/ houses to-day.
The injunction Of secrecy was removed
and the following statement was given
/ by the Joint committee
THE BoNDuoLDERs' PROPOSITION.
The substance Of the last proposition
/ of the b0ndholders was that they should
/ have a principal sum of 96SS7 600. This
principal being reached by deducting
/ from the debt of the State the Riddle
/ berger bonds held by the State, amount
/ ing to y 2l0. .000, the bonds held 10y the Lit
erarv Fund, amounting to Sl,li9,OO0; the
/ bonds held by the Board Of Public Works,
amounting 10 Sl63,OOO the debt due the
/ United states government amounting To
/ 81 300 GOO principal and interest, and "A
F further deduction Of 81 626,O0O being 10
/ per cent of the State S debt, the evidences
+ of which they claimed had been lost, and
/ for which no demand would likely be
made I'm the future. These sums aggre-
eating S7.510O00 which added to the
principal claimed by them aggregated
+ the sum of 3f,39S,000 In addi
/ ton they demanded in cash from the
State 81 .O02 900, being 20 per cent OF I'D
per cent. of he arrearagcs OF interest on
/ ihe consol and 10 to bonds. They de
manded that the new bonds should bear
/ 3 per cent. interest for the first five years
and per cent for the remainder; that
/ they should be exempt from all taxation,
State. county, or corporation, and The
coupons be taX-receivable: and also that
all expenses incurred in connection with
/ the present commission and settlement
/ should be paid by the State; and that a;
the expiration OF two years no bonds
should be funded by the state except
with the consent Of the Council Of For
cign Bondholders.
THE COMMITTEES PLAN.
TO these propositions the joint commit
/ tee responded in substance as follows
That the propositions from the Commits
sion were wholly unsatisfactory, and
would bee rejected by the people, but the
committee being still anxious to reach an
agreement presented as an ultimatum on
their part that the principal OF the debt
should be fixed at S2j,O0O,OOO approx
malely TO bee capitalized upon terms
hereafter &C. DE agreed upon, and TO in
chdc an bonds held by the State The new
bonds To run fifty years at 3 per cent, re
dccmable after ten years at the pleasure
q l.. tf... If tn
bc eft open for negotiation.
After the receipt of this cOmmunlca-
ton from the committee the English
commissioners modified their PROPOSE
tions only SO far as TO exclude the bonds
held by the Sinking Fund Commissioners
amounting To- Sl,l,9,0OO, proposing that
such bonds should share with them in
their rafablc part of the annual interest
charge of tSOGO aud further empalhi-
cally declaring 10 the Joint committee
they declined once for all any negotiation
that would involve reduction of tina CAPT
tal of the cohsol and lOi0 bonds so as to
bring the total amount of the debt within
S25 600 600 and thereupon the commit
tee adopted and forwarded 10 the Eng
lsh Commission at the Exchange Hotel
the following preamble and resolutions
Whereas. tine COmmisslOu:0n the part of, the
Council oi Foreign B0ndh0idcr. have stated to
This committee that they in substance aIhere
tl the proposition This day presented Ia them.
and hHNp rejected the proposition made hy the
Joint committee, and declare the former their
uIfIW1fumt
Therefore, Do, DO resolved. that 10 he cOmmuni
+ Gated tO fuc Commission Ot kurrigu Bondhuld
rr- that no fhe opinion Oi the Joint committee
further neg. mtiOu- Will not tend to a ilnal
agreement and that we feel constrained SO 60
report t0 thr General Assembly.
After adopting this resolution the com
miltee appointed Messrs Wckham and
f Pollard 10 prepare "A report to the Gen
cral Assembly, which will be presented
to-day 10 the two houses, cmbOdying the
+ facts connected with the negotiations,
and which viii ask for time to make a
detailed report Of the proceedings Of the
+ Joint committee
+ The joint committee was engaged last
night In examining the report which gives
at length the facts stated above
Sir Edward Thornton said last night,
F that they had made their last proposition.
/ And SO the commission ends
What They Read in the Legislature.
Though the Code Of Virginia might, in
Macauley's words, have been light read
ing for Ililpah and Shalum before the
dcluge, when people didn't mind a cen
mry more or less, life j. too short for il
too bee popular summer literature now,